Analysts Split on Small Reactor Stocks
Wedbush sees AI-driven power demand as a long-term driver, but rates NuScale Underperform over the lack of a financed order.
Updated on Nov. 3, 2026 in Nuclear
Wedbush analyst Seth Basham launched coverage of six advanced nuclear companies, rating Oklo and Nano Nuclear Outperform and NuScale Power Underperform. The ratings are analyst opinions, not product or market developments, and the companies' reactors remain at the research or development stage.
Why it matters
Wedbush points to rising electricity demand from AI infrastructure as a potential long-term growth driver for nuclear energy. The split ratings show that analysts are separating small modular reactor developers by how far each has progressed toward binding commercial orders.
Wedbush's targets imply 53% upside for Oklo, 64% for Nano Nuclear and 6% downside for NuScale from the last close. NuScale holds a small modular reactor design certification from the U.S. Nuclear Regulatory Commission, but the source reports no binding, financed order for its reactor modules.
The players
Wedbush
Wedbush is a U.S. investment bank whose equity research group, led here by analyst Seth Basham, covers energy and advanced nuclear companies.
NuScale Power
NuScale Power develops small modular reactors and holds a U.S. Nuclear Regulatory Commission design certification for its design, though it has no binding financed reactor order.
Oklo
Oklo is a developer of compact advanced fission reactors rated Outperform by Wedbush with a $36 price target.
Nano Nuclear
Nano Nuclear is a developer of small nuclear reactors rated Outperform by Wedbush with an $18 price target.
The details
Wedbush's analyst rates each company's stock by its expected return to its price target, and its rating on NuScale reflects concerns about commercial progress. A small modular reactor is a compact nuclear reactor designed to be built in a factory and shipped to a site, and a design certification from the Nuclear Regulatory Commission confirms that a design meets the agency's safety requirements before any specific plant is built. The Carbon Free Power Project, an earlier small modular reactor effort, was canceled in 2023.
Timeline
2023: The Carbon Free Power Project was canceled.
November 3, 2026: Wedbush's coverage initiation was reported, and the stocks traded lower overnight.
The Tech Race
Wedbush's split ratings separate developers with a regulatory milestone from those without a financed order, following the Carbon Free Power Project's 2023 cancellation as a reminder of how fragile early reactor programs can be. The field's competitive position now depends on converting design approvals and AI-driven demand into firm contracts.
For most readers this is a stock-market development rather than a change in available power. Nuclear reactors from these companies are not yet operating, so the timeline for any effect on electricity prices or supply is not stated in the source.
The takeaway
Watch whether NuScale converts its NRC design certification into a binding, financed reactor order, which is the milestone Wedbush cited as missing. The ratings matter less than whether AI-driven electricity demand produces firm contracts for these developers.
Further reading
For background on how these reactor designs are approved and built, see Nuclear coverage on We are the Frontier.
